财经金融新闻 以债换劵

（单词翻译）

Local government debt has been a major problem for China's economy in recent years.

近些年，地方政府债务一直是个大问题。

The favored way of dealing¹ with high-interest debt has been to swap² them for low-cost bonds.

对于高利息债务，人们的解决办法是置换低额度债券。

So far, the central government has allowed local governments to sell bonds worth 3.2 trillion yuan to banks so they can repay old debt.

到目前为止，中央政府已下达3.2万亿置换债券额度，从而支付地方债。

Finance Minister Lou Jiwei told the Standing³ Committee of the National People's Congress that the State Council wants local governments to convert existing loans into bonds by the end of 2017.

财政部部长楼继伟在全国人大上表示，国务院希望当地政府能够在2017年年底将债务置换成债券。

As of now, total outstanding debt of local governments across the country stands at 15.4 trillion yuan, including 1.06 trillion yuan in bonds.

目前，全国地方政府债务达15.4万亿，包括1.06万亿债券。

That's a hefty sum, many of you might think, but it's not totally out of control just yet.

你或许会认为这是一笔巨额数字，但债务风险总体可控。

The ratio of total outstanding local government debt to annual income stood at around 86 percent in December, which is still lower than the red line of 100 percent.

12月，全国地方债务率约86%，低于100%警戒线。

But still, there are around 100 cities and 400 counties with ratios over 100 percent, according to Lou.

根据楼继伟所说，仍有约100座城市，400个区县债务率超过100%。

Critics say the bond-for-loan swap amounts to merely postponing⁴ rather than solving the problem of local government debt.

有批评人士认为，以债换劵只能延缓，而未能真正解决地方债务问题。

Since most bonds were sold to banks, the arrangement, critics say, does not reduce banks'exposure to risk.

有评论家指出，由于多数债券被银行购买，这一举措并没有降低银行风险。

However, if a bond goes sour, the provincial⁵ government will be responsible for repayment⁶ and "the risk will not infect the bank", Lou said.

楼以为：“一旦债务出现问题，省政府应出面还清，银行不会遭遇风险。

Wu Xiaoling, a former central bank who is now a lawmaker, is among experts saying the central government should share local governments'burden by paying for more infrastructure⁷ projects, so that local governments can cut deficit⁸.

前中央银行副行长，人大代表吴晓灵认为，中央银行需要与当地政府共担重担，为基础设施项目注资，帮助当地政府减少赤字。

Lou said that local governments were also being urged to cut public spending and introduce private investors⁹ into projects in the hopes that this would help them repay outstanding debts.

据楼表示，中央正在敦促当地政府减少公共开支，引进外资，偿还债务。

But only time can tell whether these will work.

就让时间证明一切。